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First Ireland to acquire brokers

FIRST IRELAND Risk Management, one of the largest Irish-owned insurance brokers, is spending €6m to acquire three smaller brokerages.

The acquisition of Pat Mee Insurances, announced earlier this week, cost €1m, and the firm’s directors are in advanced talks to acquire another two medium-sized Dublin-based brokers, one for about €1m and another for more than €4m.

“Many people would have bought brokerages in recent years and the gross premium value of those deals declined,” said Linda Gallagher, the joint managing director of First Ireland, which is an authorised adviser. “The time is right for acquisitions in terms of where the market is, whereas two to three years ago, it would not have been.”

Pat Mee Insurances, which focused mainly on commercial customers, had turned down a number of approaches from firms looking to take it over in the past.